ABA Applauds Senate Vote to Overturn Anti-Consumer Arbitration Rule

By Rob Nichols, ABA president and CEO

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​ "Today’s vote to overturn the CFPB's arbitration rule is a win for consumers. As we and others made clear in our multiple comments to the CFPB, the rule was always going to harm consumers and not help them. Today's vote puts consumers first rather than class-action lawyers.

"A recent report from the U.S. Treasury found the arbitration rule would have imposed major costs on consumers and enriched trial lawyers while delivering little tangible relief. This followed a separate study from the OCC that found the rule could significantly increase the cost of credit for consumers. We appreciate that lawmakers in the House and now the Senate recognized these concerns and thank them for standing with consumers. We look forward to the president signing this resolution into law.”

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The American Bankers Association is the voice of the nation’s $17 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend more than $9 trillion in loans.